Following commercial banks, insurance institutions are expected to start trading in treasury bond futures. The treasury bond futures market will welcome influential institutional investors again.
On February 21, with the consent of the State Council, the CSRC, the Ministry of Finance, the People’s Bank of China, and the China Banking and Insurance Regulatory Commission jointly issued an announcement to allow eligible pilot commercial banks and insurance institutions with investment management capabilities to participate in the China Securities Exchange's government bond futures trading in accordance with the principles of legal compliance, controllable risks, and business sustainability.
Regulatory departments have promoted commercial banks and insurance institutions to enter the market to participate in treasury bond futures transactions, using a batch-wise approach. At present, the first batch of pilot institutions including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, etc. have successfully entered the market.
The Futures Daily reporter was informed that the China Banking Regulatory Commission had previously drafted the “Notice on Matters Related to Insurance Funds Participating in Treasury Futures Trading (Draft for Comments)”, and revised the “Measures for Insurance Funds to Participate in Financial Derivatives Transactions (Draft for Comments)” , as well as “Notice on Related Issues of Insurance Funds Participating in Stock Index Futures Trading (Consultation Draft)”. Relevant system arrangements are expected to be issued in the near future.
After the introduction of the above-mentioned system, insurance institutions will enter the market to participate in treasury bond futures trading. At the same time, their relevant regulations for participating in stock index futures hedging transactions will be further optimized.
In recent years, "negative interest rates" have rapidly spread in global financial markets. According to the review report released by the Bank of International Settlements in September 2019, the size of global negative interest rate bonds is close to $17 trillion, accounting for about 20% of world GDP, while in 2014, this figure was almost zero. With interest rates falling and fixed-income product yields falling, insurance institutions urgently need medium- and long-term interest rate risk management tools.
Analysts pointed out that the entry of insurance funds into the treasury bond futures market is of great significance to both insurance institutions and the treasury bond futures market. On the one hand, insurance funds participating in the treasury bond futures trading can enhance their interest rate risk management capabilities and asset-liability management level; on the other hand, the entry of important institutional investors into the market will further improve the structure of the treasury bond futures market investors and enhance the depth and liquidity of the treasury bond futures market. In addition, it also helps to optimize the benchmark interest rate formation mechanism and promote my country's interest rate market reform process.
In an interview with a Futures Daily reporter, Chen Tao, a senior person in the insurance industry, said that at present, insurance institutions continue to pay attention to the progress of relevant policies and have made various preparations in advance. Some insurance institutions have carried out assessments and preparations for asset scale, internal control, personnel reserves, investment strategies, and system construction in advance. Some insurance institutions also have begun to discuss cooperation with futures companies.
According to Chen Tao, under the current environment, the main requirement for insurance institutions to participate in the treasury bond futures trading is to manage the risk of mismatch in the asset and liability duration gap of the company. "It is expected that insurance institutions will initially try to participate in treasury bond futures trading according to the following principles: one is for hedging and hedging purposes; the other is to adopt targeted strategies to meet the company's risk management needs." Chen Tao said.
In order to welcome the entry of insurance and other institutional investors, futures companies have also made relevant preparations. The relevant person in charge of CITIC Futures told reporters that the company has made layout and active preparations in advance in technology, risk control, settlement and other transaction support and research, asset management and other customer services.
"The company gathers the strengths of various departments and set up a special service group in advance to provide professional and personalized comprehensive financial service solutions for insurance and other institutional investors. At the same time, we will prepare service manuals, write special reports, hold special topics meetings, conduct customer-oriented training and other means to provide services and support to customers." The above-mentioned person in charge of CITIC Futures said.

继商业银行之后，保险机构参与国债期货交易有望近期开闸，国债期货市场将再迎重量级机构投资者。
2月21日，经国务院同意，证监会与财政部、人民银行、银保监会联合发布公告，允许符合条件的试点商业银行和具备投资管理能力的保险机构，按照依法合规、风险可控、商业可持续的原则，参与中金所国债期货交易。
监管部门推进商业银行和保险机构入市参与国债期货交易，采用分批推进的方式，目前包括工商银行、农业银行、中国银行、建设银行、交通银行等在内的第一批试点机构已顺利入市。
期货日报记者获悉，银保监会此前起草了《关于保险资金参与国债期货交易有关事项的通知（征求意见稿）》，修订形成了《保险资金参与金融衍生产品交易办法（征求意见稿）》和《关于保险资金参与股指期货交易有关事项的通知（征求意见稿）》，相关制度安排有望近期出台。
待上述制度出台后，保险机构将入市参与国债期货交易，同时其参与股指期货套期保值交易的相关规定也将进一步优化。
近年来，“负利率”快速在全球金融市场蔓延。据国际清算银行2019年9月发布的审查报告，全球负利率债券规模接近17万亿美元，约占世界GDP的20%，而在2014年，这一数字几乎为零。伴随利率走低，固定收益类产品收益率下降，保险机构迫切需要中长期利率风险管理工具。
分析人士指出，险资进入国债期货市场，无论是对保险机构还是对国债期货市场都具有重要意义。一方面，险资参与国债期货交易，可提升其利率风险管理能力和资产负债管理水平；另一方面，重要机构投资者入市将进一步完善国债期货市场投资者结构，增强国债期货市场深度和流动性。此外，还有助于优化基准利率形成机制，推进我国利率市场化改革进程。
资深保险行业人士陈涛接受期货日报记者采访时表示，目前保险机构持续关注相关政策的进展，提前作了各种准备。有保险机构提前开展资产规模、内控制度、人员储备、投资策略、系统建设方面的评估论证和准备工作，也有保险机构已经开始与期货公司探讨合作。
陈涛介绍，在当前环境下，保险机构参与国债期货交易的主要需求是管理公司资产负债久期缺口错配的风险。“预计保险机构初期会按以下原则尝试参与国债期货交易：一是以对冲和避险为目的；二是有针对性采取策略，满足公司风险管理需要。”他说。
为迎接保险等机构投资者入市，期货公司也做了相关准备工作。期货公司相关负责人告诉记者，公司在技术、风控、结算等交易支持及研究、资管等客户服务方面均提前进行了布局和积极准备。
“公司集合各部门优势力量，提前成立了专项服务小组，为保险等机构投资者提供专业化、个性化的一揽子综合金融服务解决方案。同时，我们将通过编制服务手册、撰写专题报告、举办专题会议、开展客户定向培训等方式为客户提供服务和支持。”上述期货公司相关负责人说。